EX-12.1 2 ex12-1.htm EXHIBIT 12.1 - CALCULATION ex12-1.htm

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges


   
Year Ended December 31,
 
 
 
2006
   
2007
   
2008
   
2009
   
2010
 
 
 
(In thousands, except ratio of earnings to fixed charges)
 
Income from continuing operations before income taxes
  $ 191,428     $ 223,129     $ 160,904     $ 417     $ 28,371  
Fixed charges(1)
                                       
Interest expense
    6,800       7,106       7,369       7,119       6,690  
Amortization of debt issuance cost
    436       421       506       399       369  
Interest included in rental expense
    918       899       992        1,071       1,009  
Total fixed charges
  $ 8,154     $ 8,426     $ 8,867     $  8,589     $  7,625  
Earnings(2)
  $ 199,582     $ 231,555     $ 169,771     $ 9,006     $ 35,996  
Ratio of earnings to fixed charges
    24.5       27.5       19.1       1.1       4.7  
 
     ___________
(1)
“Fixed charges” consist of interest expense on indebtedness, amortization of debt issuance costs and the estimated portion of rental expense deemed a reasonable approximation of this interest factor.
(2)       “Earnings” consist of income from continuing operations before income taxes plus fixed charges.